French lender Credit Agricole S.A. has reported net income of €1.06bn for the third quarter of 2017, a slump of 43% compared to €1.86bn in the year ago quarter.

The bank’s pre-tax income however increased to €1.56bn from €657m in the previous year.

Gross operating income for the quarter ended 30 September 2017 was €1.67bn, a surge of 59% over €1.05bn reported in the corresponding quarter of 2016.  Revenues surged 22% year-on-year to €4.57bn.

The bank’s French Retail Banking (LCL) arm posted net income of €142m for the third quarter of 2017, as against a net loss of €30m a year ago. Revenues at the unit increased 49% to €848m from €570m last year.

The bank’s international retail banking unit reported a net income of €64m for the third quarter of 2017, a decline of 19% from €79m in the previous year. The division’s revenues dipped 2% year-on-year to €619m.